The Securities and Exchange Commission (SEC) has launched the PhiliFintech Innovation Office (PIO) which will focus on the fintech regulations in the country.
Launched under the Corporate Governance and Finance Department (CGFD) his move aims to further promote financial inclusion and, at the same time, protect investors and other financial consumers.
The PIO will facilitate the processing of the registration of new fintech companies along with the appropriate department of the commission.
It shall likewise serve as the first point of contact for existing fintech companies, which have been operating without proper regulation or authorisation, or which will introduce new fintech products.
The PIO shall document, analyse, and understand fintech business models and their possible impacts on the market and its participants.
With this, the SEC will be able to formulate and execute regulatory responses geared toward protecting investors and market participants, while concurrently promoting the growth of fintech firms.
Prior to the creation of the PIO, the SEC has been issuing rules and regulations in response to new technologies emerging in the market.
In 2019, the commission issued the Rules and Regulations Governing Crowdfunding, which allowed startups and small and medium-sized enterprises greater access to funding.
Meanwhile, the SEC is preparing rules governing digital asset offerings and digital asset exchanges to provide the investing public with more options, as well as protect them from the misuse of such emerging assets.
Emilio B. Aquino
“The Commission has supported new and emerging business concepts while taking a proactive stance against any excessive risk buildup to ensure market integrity.
The PhiliFintech Innovation Office will be at the forefront of building an enabling regulatory environment for fintech, in particular.”
said Emilio B. Aquino, Chairperson of SEC.
